The World War I not only led to heavy losses of life and property at fronts but also caused great difficulties behind the lines. The blockade that the Entente powers applied to the Straits led to a severe famine and set the stage for black-markets and profiteering in Istanbul, which was both the largest city and the consumption center of the Ottoman Empire. Both recruiting young population and bringing livestocks and transportation vehicles under control of the army has fueled the famine by leading to a decline in agricultural production throughout the country. While a considerable part of the people suffered for this reason, a small merchant group has made great fortunes by taking advantage of this opportunity and profiteering. In spite of censorship over the press, the Karagöz newspaper by taking the advantages of cartoons and humor, expressed the reflections of famine, black marketeering and profiteering on different strata of the society. While expressing the great troubles of the people, it showed the luxurious life of the profiteers as well. This study aims to examine the effects of famine, black marketeering and profiteering that caused by the war in Istanbul.